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REGISTERED NUMBER: 11848412 (England and Wales)




















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

CANDLERIGGS HOLDINGS LIMITED

CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Profit and Loss Account 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


CANDLERIGGS HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: U N Goldberg
M Stimler





REGISTERED OFFICE: First Floor, Winston House
349 Regents Park Road
London
N3 1DH





REGISTERED NUMBER: 11848412 (England and Wales)





AUDITORS: Melinek Fine LLP
Chartered Accountants
Statutory Auditors
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their strategic report of the company and the group for the year ended 31 March 2023.

Founded in 2019, Candleriggs Holdings Limited is an independent investment and asset management company based in London, UK. Candleriggs Holdings serves as the exclusive investment vehicle for its owners.

REVIEW OF BUSINESS
The Candleriggs Group focuses on buying, developing and selling property in the UK.
The Candlerigggs Group operates at all stages of the property development lifecycle. It originates, obtains planning consents, constructs, and then holds or sells the completed properties.

PRINCIPAL RISKS AND UNCERTAINTIES
The ability of the Group to meet its current obligations needs to be continually considered. The business mitigates against this by liquidity forecasting on a near and long term basis to identify and remedy situations before they arise.

Development risk
Development activities by their very nature have an inherent level of risk. Assessment and mitigation of development risks is at the core of the Candleriggs business model. All of our subsidiaries have experienced cross functional management teams and are based within the areas that we operate in. This provides the Candleriggs group with comfort that development risks are understood and appropriately managed.

Market risk
The Group does not have a trading book and therefore the only risks applicable are non-trading market risk.
Non-trading market risk arises from Candleriggs's private equity investments. Exposure is limited to the valuations of the investment's.

Credit risk
Credit risk is limited. The material credit exposures are amounts receivable from related parties and bank deposits. Bank deposits are held in accounts at large international banking institutions and are not invested in risky or illiquid investments. The other amounts receivable are mostly from companies with institutional backing whom senior management have completed financial due diligence on.
Thorough analysis of receivables, was carried out be senior management throughout the year, and a prudent approach was undertaken to the recoverability of these receivables.

ON BEHALF OF THE BOARD:





M Stimler - Director


28 December 2023

CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of investments.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

U N Goldberg
M Stimler

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Melinek Fine LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Stimler - Director


28 December 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CANDLERIGGS HOLDINGS LIMITED


Opinion
We have audited the financial statements of Candleriggs Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CANDLERIGGS HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud are instances of non-compliance with laws and regulations. We designed procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the Charity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of trustees minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CANDLERIGGS HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Aryeh Melinek (Senior Statutory Auditor)
for and on behalf of Melinek Fine LLP
Chartered Accountants
Statutory Auditors
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

28 December 2023

CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412)

CONSOLIDATED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

TURNOVER 21,101,603 13,780,936

Cost of sales 21,149,311 14,618,713
GROSS LOSS (47,708 ) (837,777 )

Administrative expenses 57,291 43,834
(104,999 ) (881,611 )

Other operating income 92,643 58,607
OPERATING LOSS and
LOSS BEFORE TAXATION (12,356 ) (823,004 )

Tax on loss 5 - -
LOSS FOR THE FINANCIAL YEAR (12,356 ) (823,004 )
Loss attributable to:
Owners of the parent (10,331 ) (550,232 )
Non-controlling interests (2,025 ) (272,772 )
(12,356 ) (823,004 )

CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

LOSS FOR THE YEAR (12,356 ) (823,004 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(12,356

)

(823,004

)

Total comprehensive income attributable to:
Owners of the parent (10,331 ) (550,232 )
Non-controlling interests (2,025 ) (272,772 )
(12,356 ) (823,004 )

CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412)

CONSOLIDATED BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 8 5,808,305 5,763,397
Debtors 9 127,281 1,658,704
Cash at bank 333,768 19,331
6,269,354 7,441,432
CREDITORS
Amounts falling due within one year 10 9,153,136 10,312,858
NET CURRENT LIABILITIES (2,883,782 ) (2,871,426 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,883,782

)

(2,871,426

)

CAPITAL AND RESERVES
Called up share capital 11 2,000 2,000
Profit and loss account 12 (1,931,732 ) (1,921,401 )
SHAREHOLDERS' FUNDS (1,929,732 ) (1,919,401 )

NON-CONTROLLING INTERESTS 13 (954,050 ) (952,025 )
TOTAL EQUITY (2,883,782 ) (2,871,426 )

The financial statements were approved by the Board of Directors and authorised for issue on 28 December 2023 and were signed on its behalf by:





M Stimler - Director


CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412)

COMPANY BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 7 600 600

CURRENT ASSETS
Debtors 9 5,999,900 5,999,900
Cash at bank 1,768 7,249
6,001,668 6,007,149
CREDITORS
Amounts falling due within one year 10 6,023,300 6,022,500
NET CURRENT LIABILITIES (21,632 ) (15,351 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(21,032

)

(14,751

)

CAPITAL AND RESERVES
Called up share capital 11 2,000 2,000
Profit and loss account (23,032 ) (16,751 )
SHAREHOLDERS' FUNDS (21,032 ) (14,751 )

Company's loss for the financial year (6,281 ) (4,688 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 28 December 2023 and were signed on its behalf by:





M Stimler - Director


CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up Profit
share and loss Non-controlling Total
capital account Total interests equity
£    £    £    £    £   
Balance at 1 April 2021 2,000 (1,371,169 ) (1,369,169 ) (679,253 ) (2,048,422 )

Changes in equity
Total comprehensive income - (550,232 ) (550,232 ) (272,772 ) (823,004 )
Balance at 31 March 2022 2,000 (1,921,401 ) (1,919,401 ) (952,025 ) (2,871,426 )

Changes in equity
Total comprehensive income - (10,331 ) (10,331 ) (2,025 ) (12,356 )
Balance at 31 March 2023 2,000 (1,931,732 ) (1,929,732 ) (954,050 ) (2,883,782 )

CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up Profit
share and loss Total
capital account equity
£    £    £   
Balance at 1 April 2021 2,000 (12,063 ) (10,063 )

Changes in equity
Total comprehensive income - (4,688 ) (4,688 )
Balance at 31 March 2022 2,000 (16,751 ) (14,751 )

Changes in equity
Total comprehensive income - (6,281 ) (6,281 )
Balance at 31 March 2023 2,000 (23,032 ) (21,032 )

CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 314,437 (446,019 )
Net cash from operating activities 314,437 (446,019 )

Increase/(decrease) in cash and cash equivalents 314,437 (446,019 )
Cash and cash equivalents at beginning
of year

2

19,331

465,350

Cash and cash equivalents at end of
year

2

333,768

19,331

CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023


1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Loss before taxation (12,356 ) (823,004 )
(Increase)/decrease in stocks (44,908 ) 6,737,047
Decrease/(increase) in trade and other debtors 1,531,423 (1,146,204 )
Decrease in trade and other creditors (1,159,722 ) (5,213,858 )
Cash generated from operations 314,437 (446,019 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 333,768 19,331
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 19,331 465,350


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank 19,331 314,437 333,768
19,331 314,437 333,768
Total 19,331 314,437 333,768

CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Candleriggs Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern
The financial statements have been prepared on a going concern basis. The directors have considered 12 months from the end of the reporting period and believe to have adequate resources.

The Group has made losses in the period of £12,356 (2022: £823,004) and has net liabilities of £2,883,782 (2022: £2,871,426).

The directors do not believe there is any uncertainty as to the going concern of the group because all projects are running in line with expectations and are expected to generate profits.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 March 2023 nor for the year ended 31 March 2022.

The average number of employees during the year was NIL (2022 - NIL).

The average number of employees by undertakings that were proportionately consolidated during the year was XXX.

**PLEASE COMPLETE CLIENT SCREEN WITH DETAILS

CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration - -

4. OPERATING LOSS

The operating loss is stated after charging:

2023 2022
£    £   
Auditors' remuneration 11,000 10,000

5. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 March 2023 nor for the year ended 31 March 2022.

6. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


7. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakin
£   
COST
At 1 April 2022
and 31 March 2023 600
NET BOOK VALUE
At 31 March 2023 600
At 31 March 2022 600


8. STOCKS

Group
2023 2022
£    £   
Stocks 5,808,305 5,763,397

CANDLERIGGS HOLDINGS LIMITED (REGISTERED NUMBER: 11848412)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts owed by group undertakings - - 5,999,400 5,999,400
Other debtors 708 500 500 500
VAT 27,393 728,658 - -
Prepayments and accrued income 99,180 929,546 - -
127,281 1,658,704 5,999,900 5,999,900

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 118,504 1,024,124 - -
Other creditors 9,018,482 9,273,482 6,018,500 6,018,500
Accruals and deferred income 16,150 15,252 4,800 4,000
9,153,136 10,312,858 6,023,300 6,022,500

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,000 Ordinary 1 2,000 2,000

12. RESERVES

Group
Profit
and loss
account
£   

At 1 April 2022 (1,921,401 )
Deficit for the year (10,331 )
At 31 March 2023 (1,931,732 )


13. NON-CONTROLLING INTERESTS

A non-controlling interest arises on the Group's holding of Candleriggs Development 2 Limited. Candleriggs Development 2 Limited is a subsidiary undertaking as the group controls 66.7% of the voting rights.